The Boards of Trustees of ING Clarion Real Estate Income Fund (“IIA”)
and ING Clarion Global Real Estate Income Fund (“IGR”) have each voted
to approve a merger of the two funds. IIA and IGR are closed-end funds
that each seek to provide shareholders with current income through
investment in real estate equity securities. IIA invests primarily in
U.S. securities, while IGR invests globally. IGR will be the surviving
fund.
As a result of the merger, it is anticipated that common shareholders of
each Fund will experience a reduced annual operating expense ratio,
while the combined fund will continue the same distribution policy, in
terms of amount and frequency of payment that each Fund currently
maintains. In addition, the merger will provide IIA shareholders with
enhanced diversification, by providing access to a broader global
universe of real estate equity securities.
The merger is subject to the approval of IIA shareholders at a special
meeting to be held in the upcoming months. More information will be
contained in the proxy materials that IIA will mail to its shareholders
in the coming weeks.
For more information on our closed-end funds, please visit our website
at www.ingclarionres.com.
The closed-end funds IIA and IGR are managed by ING Clarion Real
Estate Securities, a registered investment management firm specializing
in the management of equity real estate securities. Headquartered
near Philadelphia, Pennsylvania the firm has approximately $11 billion
in assets under management as of December 31, 2008 and over 70 employees
located throughout the United States, the United Kingdom, Hong Kong, and
Japan.
ING Clarion Real Estate Securities is the real estate equity
management arm of ING Real Estate, a global real estate company active
in investment management, development and finance. With a total business
portfolio of approximately $178 billion and offices in 21 countries in
Europe, America, Asia and Australia, ING Real Estate ranks among the
world’s strongest real estate companies. ING Real Estate is part of ING
Group.
Analyst and Press Inquiries:
ING Clarion Real Estate
Securities
David Leggette, Vice President
610-995-2500
